One of them, called the Loan Estimate (LE), was viewed by CFPB as a shopping tool. I am going to do that here, comparing that method of shopping to the use of the Quick Mortgage Shopper (QMS) on my web site. Loan Application Versus Web Inquiry: Using the LE to shop multiple lenders requires the shopper to submit an application to each lender. Timing: Mortgage lenders reset their prices every morning, and occasionally during the day as well. This is the interest rate at zero lender fees, which I call the “shopping rate”.

Source: Forbes October 20, 2018 19:18 UTC